stocks. Further, this study examines which country-specific and firm-specific variables drive the cumulative abnormal returns … (ESG) measure for the shorter window (−1, +1) exhibited a negative relationship with CARs. The firm-specific variables (BTM … authors extend the existing literature by employing firm-specific variables and supporting previous findings. Their findings …

. Keywords: Default, default-risk model, business cycles, aggregate fluctuations, micro- data, logit, firm-specific variables … cross-sectional context with the help of a small set of firm-specific variables. Later work by Shumway (2001) explicitly … of and interaction between firm-specific variables and macroeconomic information - an area that is more or less …

We investigate the role of adjustment costs and other firm-specific variables like tangibility, growth opportunity …